GIA Study Identifies a $6.7 Billion IVR Market by 2026
Global Industry Analysts (GIA) has updated its projections for the worldwide market for interactive voice response systems, now predicting that it will reach $6.7 billion by 2026, up from $4.2 billion in 2020, representing a compound annual growth rate of 7.9 percent. Its previous market forecast, released in late June, said the market would reach $6.1 billion by 2027, growing at a compound annual rate of 5.6 percent.
The primary market drivers for IVR's growth are the rise in cloud infrastructure, increasing adoption of advanced technologies like artificial intelligence, and growing call volume, especially during the COVID-19 pandemic, the research firm reports.</p/>
GIA separates the IVR market into speech-based and touch-tone systems. Of those, it projects the touchtone-based segment to grow at a 7.4 percent CAGR to reach $4.2 billion by 2026. The speech-based segment, which currently accounts for a 40.1 percent share of the total market, will see an 8.6 percent CAGR for the next seven years, GIA predicts. The speech-based IVR segment is gaining traction as more companies infuse it with natural language processing, thus reducing call handling time and, ultimately, lowering costs for businesses.
Globally, the U.S. market is estimated at $1.4 billion, accounting for a 31.4 percent share of the total market, while China is forecast to reach $1.1 billion by 2026. Japan and Canada are forecast to grow at 6.7 percent and 7 percent respectively through 2026, while Germany is forecast to grow at approximately 7.9 percent CAGR.